Cardano News Today – On-chain Data Shows Possible Weakness in the Price of Cardano ADA Ahead of Shelley Upgrade – June 22nd, 2020

  • Cardano’s On-chain Metrics Reveals that the Token May be primed for Lower Lows Against the USD
  • Trading Volume for Cardano ADA Declines Steadily Ahead of the Cardano Shelley Mainnet Launch 

Cardano News Today – It took more than five years but the Cardano development team is ready to migrate to Shelley for complete decentralization and scalability. Since the beginning of the year, the Cardano ADA token has recorded major gains in anticipation of the Shelley mainnet launch. This price recovery has been outstanding but on-chain metrics for Cardano show that the token might face a decline soon. The volume of the token has been declining steadily for the last few days even when the price of the token was surging. This is why it’s not a surprise that the token has started losing bullish momentum against the USD.

Cardano News Today – Cardano ADA Loses Bullish Momentum and the Volume Declines

When the price of Cardano ADA started surging, it moved from the $0.0480 level to the $0.0900 level within less than two weeks. However, the bullish momentum started to decline and the token fell to the $0.0700 level again. Thankfully, the bears were able to hold the line at $0.0700 and the token has been recovering higher slowly since then. However, the token is still facing major resistance against the USD. This resistance has prevented higher highs since May. Despite the upcoming Cardano Shelley mainnet launch, on-chain metrics reveal that investors are starting to lose interest in the token. The trading volume has been plummeting over for many days.

Cardano (ADA) Price Today – ADA / USD

NamePrice
cardano
Cardano
$0.098

A decline in trading volume isn’t ever a good sign for any token. It almost always means that the token is declining against the USD. Things are even worse for Cardano ADA right now because the number of Cardano addresses is also declining. So, there is an underlying weakness for Cardano ADA. Cardano is currently consolidating against the USD. The token has consolidated between the $0.07 level and the $0.08 level since then. While it outperformed Bitcoin, it still isn’t making significant progress.

At the time of writing, the price of Cardano ADA is trading at $0.187086. It is down by 0.32% against the USD and down by 0.91% against Bitcoin BTC. The trading volume over a 24 hour period is $986,617,847 and the market capitalization is $8,280,036,141. While the token is not at its best, it’s important to note that Cardano ADA has made significant progress from the $0.0200 low it reached earlier in the year.

Ufuoma Ogono is a cryptocurrency writer with over 3 years experience in the cryptocurrency industry. She dedicates her time to sharing valuable information to members of the cryptocurrency community.

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